Adobe (NASDAQ:ADBE) Releases FY 2022 Earnings Guidance

Adobe (NASDAQ:ADBEGet Rating) updated its FY 2022 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $13.50-$13.50 for the period, compared to the consensus estimate of $13.66. The company issued revenue guidance of $17.65 billion-$17.65 billion, compared to the consensus revenue estimate of $17.85 billion. Adobe also updated its Q3 2022 guidance to $3.33-$3.33 EPS.

Shares of ADBE traded down $29.45 during trading hours on Thursday, reaching $347.47. 245,304 shares of the company’s stock traded hands, compared to its average volume of 3,625,553. The firm has a market capitalization of $164.18 billion, a price-to-earnings ratio of 36.32, a P/E/G ratio of 2.04 and a beta of 1.08. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.04 and a quick ratio of 1.04. Adobe has a twelve month low of $367.31 and a twelve month high of $699.54. The business’s fifty day simple moving average is $411.04 and its two-hundred day simple moving average is $478.00.

Adobe (NASDAQ:ADBEGet Rating) last issued its quarterly earnings data on Tuesday, March 22nd. The software company reported $2.84 earnings per share for the quarter, beating analysts’ consensus estimates of $2.77 by $0.07. Adobe had a return on equity of 36.47% and a net margin of 29.90%. The business had revenue of $4.26 billion for the quarter, compared to the consensus estimate of $4.24 billion. During the same period last year, the business earned $2.64 EPS. The firm’s revenue was up 9.1% compared to the same quarter last year. On average, equities research analysts expect that Adobe will post 11.09 EPS for the current year.

Several analysts have issued reports on ADBE shares. TheStreet lowered Adobe from a b rating to a c+ rating in a research note on Thursday, February 17th. Barclays lowered their target price on Adobe from $540.00 to $530.00 in a research report on Wednesday, March 23rd. Citigroup lowered their price objective on Adobe from $455.00 to $425.00 and set a neutral rating for the company in a research report on Tuesday. Morgan Stanley cut their price target on Adobe from $652.00 to $591.00 and set an overweight rating for the company in a research note on Wednesday, March 23rd. Finally, Cowen lowered their price target on shares of Adobe from $600.00 to $550.00 and set an outperform rating on the stock in a report on Thursday, June 9th. Seven research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Buy and a consensus target price of $560.04.

In other news, Director John E. Warnock sold 5,000 shares of the stock in a transaction on Tuesday, April 26th. The stock was sold at an average price of $404.30, for a total transaction of $2,021,500.00. Following the sale, the director now owns 405,165 shares in the company, valued at $163,808,209.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John E. Warnock sold 615 shares of the company’s stock in a transaction on Thursday, April 14th. The shares were sold at an average price of $432.03, for a total value of $265,698.45. Following the transaction, the director now directly owns 410,165 shares in the company, valued at approximately $177,203,584.95. The disclosure for this sale can be found here. Over the last quarter, insiders sold 11,538 shares of company stock worth $4,793,387. 0.23% of the stock is owned by company insiders.

A number of hedge funds have recently bought and sold shares of ADBE. OLD Mission Capital LLC bought a new position in shares of Adobe in the 3rd quarter valued at $217,000. Morgan Stanley raised its stake in Adobe by 4.0% during the 2nd quarter. Morgan Stanley now owns 7,026,969 shares of the software company’s stock worth $4,115,275,000 after buying an additional 267,038 shares during the period. American International Group Inc. raised its stake in Adobe by 2.0% during the 3rd quarter. American International Group Inc. now owns 214,239 shares of the software company’s stock worth $123,342,000 after buying an additional 4,138 shares during the period. EverSource Wealth Advisors LLC bought a new stake in Adobe during the 4th quarter worth approximately $548,000. Finally, Flagship Harbor Advisors LLC increased its holdings in Adobe by 7.3% during the 4th quarter. Flagship Harbor Advisors LLC now owns 6,641 shares of the software company’s stock worth $3,766,000 after purchasing an additional 449 shares in the last quarter. Hedge funds and other institutional investors own 82.54% of the company’s stock.

About Adobe (Get Rating)

Adobe Inc operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.

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Earnings History and Estimates for Adobe (NASDAQ:ADBE)

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